Guangdong To Receive CNY15 Billion Credit From CCB For Tourism Development

To coordinate with its national tourism plan, Guangdong Provincial Tourism Bureau has signed a strategic agreement with China Construction Bank Guangdong Branch to receive CNY15 billion in comprehensive credit for five major tourism enterprises in Guangdong province.

According to the agreement, the five companies to be given priority in receiving a loan from CCB are said to be Guangdong Travel Service Company, White Swan Hotel, Guangdong Rising Hotel Group Company, Guangzhou Changlong Group, and Guang Zhi Lv.

In addition, Kuoni Travel from Switzerland has signed a global deal with Guang Zhi Lv to enter the Guangdong inbound travel market. Several international venture capitalists, including Goldman Sachs and IDG, are also reported to be gathering in Guangdong to talk about cooperation with Guangdong local tourism enterprises.

The World Tourism Organization estimates that by 2015 China will become the world's largest inbound travel destination and the fourth largest outbound travel country. As the front line of China's reform and opening up process, Guangdong has seen an average increase of tourism income by 20.9% in the past 30 years and received more than 100 million inbound tourists, increasing by 15.3% annually. It is estimated that by 2012, Guangdong's tourism income will reach about CNY450 billion.